President Bola Tinubu has instructed the Bank of Agriculture (BOA) to settle N30 billion in outstanding arrears owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP).
The directive, announced in a statement by BOA’s External Media Relations Lead, Judith Ekwebelem, follows the release of funds from the African Development Bank (AfDB). It aims to strengthen support for farmers and stabilise Nigeria’s food supply chain, with BOA designated as the custodian of all federal agricultural financing programmes.
Ekwebelem said the bank will execute the approved payment schedule urgently using its electronic wallet system, ensuring payments to compliant agro-dealers within 24 hours and providing weekly progress updates until completion. The N30 billion represents the second tranche of AfDB funds for 2024 dry and wet season programmes.
BOA Managing Director/CEO Ayo Sotinrin described the task as a historic responsibility, noting that the initiative will cut bureaucratic delays and enable farmers to transition from subsistence to sustainable, profitable agribusiness. Pre-qualified agro-dealers and suppliers must open a BOA account to receive payments, with registration free and available online.
President Tinubu, during a recent meeting with Brazilian President Luiz Inacio Lula da Silva, emphasised his commitment to removing bottlenecks in the agricultural sector to boost food sovereignty and exports.